When severe weather events struck our communities earlier this year, it was our community groups who stepped into action immediately. Before local and central Government agencies knew it was an emergency, local communities mobilised to provide shelter, dry clothes and food for those worse affected.

One of the lessons learned from the January flood was that Auckland Council systems were underprepared and too slow to respond at the pace required of such an event. The findings of the review headed by former Police Commissioner Mike Bush included “The crisis exposed weaknesses in the Council’s emergency management systems, tools and agency/community/tangata whenua relationships, which slowed the response, reduced situational awareness and led to inadequate early intelligence to support public safety information and decision making”.[i]

We can draw on these lessons and apply them to our businesses. Even if we never have to deal with disaster on such scale, are our business networks robust enough to deal with ordinary, run-of-the-mill changes? To have an effective business network in a crisis, we need to build and nurture them in the good times.

Customer Experience and Feedback

Who can tell you what they like or dislike about your product or customer experience, better than your customers?  Do you have systems for collecting client feedback, and passing them onto decision-makers? People are only too willing to share their opinions when you change something about your product or service. If you ask for feedback, you can rectify a poor customer experience and quickly deal with issues that arise.

Ask your customers for a review! The best time to ask is soon after they have received your service or within a month of receiving your product. Google reviews can boost your website SEO and put you in front of more of your target audience.

Filling Skill Gaps

MBIE say 97% of NZ businesses have fewer than 20 employees in 2022; 72% have no employees.[ii] You could wear yourself out trying to upskill in everything you don’t know, but it may be smarter to hire contractors or suppliers who fill those gaps and help you solve problems.

I know of an engineering company, which prides itself on innovation and precision for its clients. The client presents their issue and initial design, and the engineering company improves on the design, making it fit-for-purpose, easier to manufacture and often saving on production costs overall.

Dream Team of Advisors

A business friend said to her husband that she was having problems with her employees and shipping delays, and he replied, “Well then, go get a real job.” Her business was paying off the mortgage every month, and yet it wasn’t considered by him to be a real job. He didn’t have a lot to offer in real advice for her business problems.

Surround yourself with advisors who you trust for advice and supportive discussion. Start with your chartered accountant, lawyer, insurance advisor and banker. When you employ staff or contractors, include an HR advisor. You may also include a bookkeeper, mentor, business coach, financial planner, mindset coach or sales coach. You can learn from their experience and expertise, be vulnerable and use them as sounding board, when making decisions or working through issues that you can’t discuss with spouse or employees.

It’s a Business Network, Really

In addition to your dream team, get to know other business owners. These connections can become referral partners, clients and suppliers, but that is not the only reason to know them. People naturally want to be helpful, but they also don’t want to feel like they are being used or sold to. Listen to others in the network group, be empathetic and offer useful insights when appropriate.

You can learn from each other, even when you aren’t in the same industry. In some groups you get to practice talking about your business, refine your elevator pitch and sales techniques. Sharing stories over a cup of coffee or a round of golf, can relieve the isolation of being a business owner, lift your energy, improve fitness and build strong friendships. If you’re having fun, it is hard to believe it’s a business networking meeting. If you can’t find a network that suits you, make one!

You are Not Alone

It can be very isolating when you go into business. You feel like you must suddenly know everything and be able to make the right decisions. But that’s not the case at all. Be part of a network of businesspeople who are supportive and want to help you to succeed. Surround yourself with a dream team of advisors and  you will feel like your business has wings!

-         Serena Irving

Serena Irving is a director in JDW Chartered Accountants Limited, Ellerslie, Auckland. She is actively involved in several networking groups including Venus Businesswomen, She Owns It NZ and Toastmasters. JDW is a professional team of qualified accountants, auditors, business consultants, tax advisors, trust and business valuation specialists.

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An article like this, which is general in nature, is no substitute for specific accounting and tax advice. If you want more information about the issues in this article, please contact your adviser or the author.

  [i] https://ourauckland.aucklandcouncil.govt.nz/media/je3potln/auckland-flood-response-review_january-27-29-2023.pdf

[ii] https://www.mbie.govt.nz/dmsdocument/27313-small-business-factsheet-2022-pdf